Return to question Exercise 2-15 Computing net income LO A1 A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $ 80,500 132,500 Liabilities $34,510 53,663 a. Owner made no investments in the business, and no withdrawals were made during the year. b. Owner made no investments in the business, but withdrew $1,050 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. d. Owner withdrew $1,050 cash per month for personal use, and the owner invested an additional $35,000 cash. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.) hebb uuning the year for each of the above separate cases. (Decrease be indicated with a minus sign.) Answer is complete but not entirely correct. a. b. C. Beginning of the year-Equity $ 45,990$ 45,990 $ 45,990 $ 45,990 Owner investments 0 0 45,000 35,000 Withdrawals by owner O 0 (12,600) OOOO (12,600) 45,447 32,847 68,390 990 X Net income (loss) End of the year-Equity $ $ $ 78,837 78,837 $ 78,837 78,837 5 of 5 Next